Banking StarOptions [Important update 2/13/12!]

[Denise L]

Just got my email too. Banked SOs can only be used for 8 months out, so clearly you lose your view (if you have one). So it would be of no use to us if we, say, wanted to spend two back-to-back weeks in Maui. We'd most likely have to move after a week since we'd have OV for one week and no view guaranteed for the other.

$99 is the banking fee for us no-Star folks who paid a measly $45K for our one week .

Gotta LOVE my DVC with no fees to book, cancel, bank or borrow!

 

[ocdb8r]

Here's the whole FAQ for those curious.

Frequently Asked Questions

What is banking StarOptions?
Banking StarOptions is the ability for you to keep your unused StarOptions for up to two years and use them to travel to a Starwood Vacation Network resort. Banking is subject to the terms and conditions of Starwood Vacation Network membership. Reservations made using Banked StarOptions are based on availability of StarOptions banked by other network members.

Will my unused StarOptions automatically be banked?
No. You must call Owner Services and let us know that you'd like to bank your StarOptions. Your StarOptions will be forfeited if you do not bank them by the deadline, assign your week to Interval International or convert your week to Starpoints by your designated deadline.

When do I call to save my StarOptions?
Four-Star and Five-Star Elite may bank any remaining StarOptions from the 2011 Use Year now. They may begin banking 2012 StarOptions on October 1, 2011. All other Owners can begin banking 2012 StarOptions in early 2012.

I only have a few StarOptions remaining. Can I bank those?
Yes. You can bank an entire year's worth of StarOptions, or just a few. It's your choice.

Do Banked StarOptions expire?
Yes. Banked StarOptions are available for travel to any of the 20 Starwood Vacation Network resorts through December 31 of the second year beyond the Use Year banked. So, if you bank 2012 StarOptions, you can use them 2013 and/or 2014. After that, they are forfeited.

How much does it cost to bank StarOptions?

Five-Star Elite Owners: No charge.
Three-Star and Four-Star Elite Owners: $79
All other Owners: $99

How far out can I make a reservation with Banked StarOptions?
If you want to stay a week or more, you can make a reservation at a Starwood Vacation Network resort using Banked StarOptions eight months or less before your desired travel date. If you'd like to stay less than a week, you may reserve as early as three months in advance. Reservations made using Banked StarOptions are based on availability of StarOptions banked by other network members.

Can I assign Banked StarOptions to Interval International or convert them to Starpoints?
No. Banked StarOptions can only be used to vacation at a Starwood Vacation Network resort within two years of banking them. You can make a reservation up to eight months before your desired travel date.

I want to give my ownership to a family member. Do Banked StarOptions transfer with ownership?
In some cases. Your Banked StarOptions may transfer to a new Owner if you re-deed or will your Ownership to an immediate family member (parent, child, sibling or grandparent). They also transfer if you choose to upgrade your ownership. However, Banked StarOptions do not transfer with the sale of your ownership week.

I have made a reservation with Banked StarOptions but need to cancel. Do I receive a refund of StarOptions?
If you cancel a reservation made with Banked StarOptions, your Banked StarOptions will be returned to your account and must be used by the original expiration date. Standard reservation cancellation rules apply.

If I bank my StarOptions, but change my mind, can I take them back?
No. Banking your StarOptions is a final transaction and cannot be reversed.

I have a biennial ownership. Can I bank StarOptions?
Yes. You may bank your StarOptions and perhaps travel every year for shorter vacations instead of waiting every other year.

Are my housekeeping services affected on my vacation if I've used Banked StarOptions?
When using Banked StarOptions, your villa will receive a complete clean prior to your arrival and a mid-week, limited-service tidy (at most resorts) if you are staying at least seven nights, provided you have housekeeping services still associated with your ownership week. Mid-week housekeeping service is not provided for stays less than seven nights. Additional housekeeping fees will be automatically charged to your villa folio for additional reservations made with Banked StarOptions once your annual housekeeping service has been used.

I am behind on my maintenance fees. Can I still bank StarOptions?
No. Owners must be current on maintenance fees to bank StarOptions or make a reservation using Banked StarOptions. You do not need to pre-pay your maintenance fees to bank StarOptions.

I bought my ownership from a third party and not directly from Starwood Vacation Ownership. Can I bank my StarOptions?
Yes. You can bank your StarOptions.

I own Week 52 and receive Week 53 as a bonus every seven years. Can I bank StarOptions associated with Week 53?
Not at this time.

I received a special allotment of StarOptions when I first purchased. Can I bank those?
No. Only StarOptions associated with your ownership week can be banked.

 

[tomandrobin]

Frequently Asked Questions

What is banking StarOptions?
Banking StarOptions is the ability for you to keep your unused StarOptions for up to two years and use them to travel to a Starwood Vacation Network resort. Banking is subject to the terms and conditions of Starwood Vacation Network membership. Reservations made using Banked StarOptions are based on availability of StarOptions banked by other network members.

Will my unused StarOptions automatically be banked?
No. You must call Owner Services and let us know that you'd like to bank your StarOptions. Your StarOptions will be forfeited if you do not bank them by the deadline, assign your week to Interval International or convert your week to Starpoints by your designated deadline.

When do I call to save my StarOptions?
Four-Star and Five-Star Elite may bank any remaining StarOptions from the 2011 Use Year now. They may begin banking 2012 StarOptions on October 1, 2011. All other Owners can begin banking 2012 StarOptions in early 2012.

I only have a few StarOptions remaining. Can I bank those?
Yes. You can bank an entire year's worth of StarOptions, or just a few. It's your choice.

Do Banked StarOptions expire?
Yes. Banked StarOptions are available for travel to any of the 20 Starwood Vacation Network resorts through December 31 of the second year beyond the Use Year banked. So, if you bank 2012 StarOptions, you can use them 2013 and/or 2014. After that, they are forfeited.
How much does it cost to bank StarOptions?

Five-Star Elite Owners: No charge.
Three-Star and Four-Star Elite Owners: $79
All other Owners: $99

How far out can I make a reservation with Banked StarOptions?
If you want to stay a week or more, you can make a reservation at a Starwood Vacation Network resort using Banked StarOptions eight months or less before your desired travel date. If you'd like to stay less than a week, you may reserve as early as three months in advance. Reservations made using Banked StarOptions are based on availability of StarOptions banked by other network members.

Can I assign Banked StarOptions to Interval International or convert them to Starpoints?
No. Banked StarOptions can only be used to vacation at a Starwood Vacation Network resort within two years of banking them. You can make a reservation up to eight months before your desired travel date.

I want to give my ownership to a family member. Do Banked StarOptions transfer with ownership?
In some cases. Your Banked StarOptions may transfer to a new Owner if you re-deed or will your Ownership to an immediate family member (parent, child, sibling or grandparent). They also transfer if you choose to upgrade your ownership. However, Banked StarOptions do not transfer with the sale of your ownership week.

I have made a reservation with Banked StarOptions but need to cancel. Do I receive a refund of StarOptions?
If you cancel a reservation made with Banked StarOptions, your Banked StarOptions will be returned to your account and must be used by the original expiration date. Standard reservation cancellation rules apply.

If I bank my StarOptions, but change my mind, can I take them back?
No. Banking your StarOptions is a final transaction and cannot be reversed.

I have a biennial ownership. Can I bank StarOptions?
Yes. You may bank your StarOptions and perhaps travel every year for shorter vacations instead of waiting every other year.

Are my housekeeping services affected on my vacation if I've used Banked StarOptions?
When using Banked StarOptions, your villa will receive a complete clean prior to your arrival and a mid-week, limited-service tidy (at most resorts) if you are staying at least seven nights, provided you have housekeeping services still associated with your ownership week. Mid-week housekeeping service is not provided for stays less than seven nights. Additional housekeeping fees will be automatically charged to your villa folio for additional reservations made with Banked StarOptions once your annual housekeeping service has been used.

I am behind on my maintenance fees. Can I still bank StarOptions?
No. Owners must be current on maintenance fees to bank StarOptions or make a reservation using Banked StarOptions. You do not need to pre-pay your maintenance fees to bank StarOptions.

I bought my ownership from a third party and not directly from Starwood Vacation Ownership. Can I bank my StarOptions?
Yes. You can bank your StarOptions.

I own Week 52 and receive Week 53 as a bonus every seven years. Can I bank StarOptions associated with Week 53?
Not at this time.

I received a special allotment of StarOptions when I first purchased. Can I bank those?
No. Only StarOptions associated with your ownership week can be banked.

 

[tomandrobin]

Banking StarOptions®

1 Banking is a benefit available to Starwood Vacation Network (“SVN”) Members and is subject to all SVN membership terms and conditions.

2 Banked StarOptions may only be used to confirm reservations made during the Starwood Vacation Network Float period beginning 8 months or less in advance of the requested arrival date.

3 Reservations made using Banked StarOptions are based on availability of StarOptions banked by other SVN Members.

4 Banked StarOptions reservations are subject to SVN rules and regulations pursuant to the Starwood Vacation Exchange Company Disclosure Guide and related SVN documents including but not limited to cancellation policy, lengths of stay, and additional housekeeping fees.

5 SVN Members may bank all or any portion of unused StarOptions.

6 Banked StarOptions are valid through and travel must be completed by December 31 of the second year beyond the Use Year banked.

7 All fees, including but not limited to maintenance fees, taxes and SVN fees associated with an SVN Member’s ownership, must be current to bank StarOptions and at the time a reservation is made using Banked StarOptions.

8 Banking can be requested as early as October 1 of the Use Year prior to the Use Year being banked and no later than July 1 of the Use Year being banked for all SVN Members. However, 3 and 4 Star Elite Members may request banking as late as October 1 of the Use Year being banked. 5 Star Elite Members may request banking as late as December 31 of the Use Year being banked.

9 Banking is a final transaction and cannot be reversed.

10 Unused StarOptions will not be banked automatically and therefore SVN Member must contact Owner Services by the applicable deadlines to bank all or a portion of unused StarOptions.

11 Applicable StarOption banking fees are required at the time of banking and are charged per transaction.

12 Banked StarOptions may transfer in the event of will or deed transfer to an immediate family Member (mother, father, son, daughter, brother, sister, grandparents). However, Banked StarOptions do not transfer when ownership weeks are transferred or sold to other individuals or entities.

13 Banked StarOptions may transfer with original expiration date in the event of an upgrade of the existing ownership interest to a new ownership interest purchased directly from Starwood Vacation Ownership.

14 The StarOptions Banking benefit will be available in early 2012 for 2012 Use Year weeks for SVN Members and 3-Star Elite Members. 4- and 5-Star Elite Members may bank unused 2011 Use Year StarOptions in August 2011 and may bank 2012 Use Year StarOptions on October 1, 2011.

15 SVEC Operator reserves the right to change, modify or cancel benefits of SVN, including but not limited to banking, at any time and in its sole discretion. This message is for informational purposes only and complete terms and conditions are in the SVEC Disclosure Guide and related SVN Documents.

 

[gravitar]

wow.. lets see, does SVN read here?

Post 2

It's nice they went a bit further!

 

[DavidnRobin]

Unlikely I will ever use this benefit, but I see where it could come in handy if something came up (or if you have more SOs than vacation time...)

So... resale owners can bank SOs as well (interesting). Hey j-man... you missed that resale buyer of Mandatory resorts do get SOs, and therefore SOs can be banked. This looks like another benefit (albeit a small one) of buying a Mandatory resorts resale over a Voluntary resort where a resale owner does not get SOs.

added - I never knew that week 52 owners get week Week 53 as a bonus week every 7 years - did anyone else know this? I always thought that SVO gets week 53. Do they pay MFs for the bonus week?

 

[LisaRex]

So... resale owners can bank SOs as well (interesting). Hey j-man... you missed that resale buyer of Mandatory resorts do get SOs, and therefore SOs can be banked. This looks like another benefit (albeit a small one) of buying a Mandatory resorts resale over a Voluntary resort where a resale owner does not get SOs.

Voluntary resale owners have had the perk of banking weeks for years in II. We're just catching up!

 

[djdavid79]

Terms and Conditions

apparently this has been posted, and my computer did not reload the page correctly

 

[pathways25]

More questions & answers

I called Owner Services with some additional questions that weren't covered in the terms and conditions or the FAQ:


Can banked and regular SO's be combined?

Banked and regular SO's are accounted for separately, but can be combined.


Can restricted SO's be banked?

Yes. Restricted SO's that are banked will become unrestricted in the bank. A reservation that uses banked SO's that is canceled within 60 days of arrival will cause the banked SO's to become restricted in the bank.


Can SO's that are banked be "borrowed" back into the current use year?

No. Once banked, SO's cannot be returned to the original use year.


For 2011 usage, 5*'s have until 12/31 and 4*'s have until 10/1 to bank their SO's.

 

[Darwin]

added - I never knew that week 52 owners get week Week 53 as a bonus week every 7 years - did anyone else know this? I always thought that SVO gets week 53. Do they pay MFs for the bonus week?

Yes, but if I remember correctly we also have to pay the MFs. Marriott also does the same thing.

 

[WINSLOW]

Banking StarOptions®

3 Reservations made using Banked StarOptions are based on availability of StarOptions banked by other SVN Members.

Okay, I'm stuck on this Rule.
Maybe because I'm still trying to learn about Marriotts DC Points two buckets of inventory, but does this mean there will be two pools (buckets) of StarOptions?

If you can only make a banked StarOption reservation when someone else at a resort you want to go to actually banks their StarOptions, that lessens the chance to get a reservation from both pools. right? am I over thinking this?

 

[GregT]

Okay, I'm stuck on this Rule.
Maybe because I'm still trying to learn about Marriotts DC Points two buckets of inventory, but does this mean there will be two pools (buckets) of StarOptions?

If you can only make a banked StarOption reservation when someone else at a resort you want to go to actually banks their StarOptions, that lessens the chance to get a reservation from both pools. right? am I over thinking this?

Winslow,

From my read on this, it definitely appears like the StarOptions can be co-mingled easily -- which is different from what we are struggling with in the Marriott system (the two different types of points). This is just like Marriott where 2011 Legacy Points can be mixed with 2012 Legacy Points (it's just the second bucket in the Marriott system that is unusual).

I believe this is an accurate comparison to other systems:

Starwood lets you bank for two years (to December 31), for $99. You must bank prior to July 1st of the Usage Year

HGVC lets you bank for one year (to December 31), for $69 (online). You can bank up to Dec 31st of the Usage Year

Marriott lets you bank for one year (to December 31), for free. You must bank prior to July 1st of the Usage Year.

Wyndham lets you bank (credit pool) for two years (from date of credit pool). You must bank prior to January 1st of the Usage Year.

Worldmark banks automatically for two years (to December 31), at no charge.

I don't know how Disney works, but its likely similar to Marriott.

I think the Starwood addition is terrific and they've implemented a good combination of the above systems (for their $99 fee). I don't believe there will be a significant unfavorable impact to inventory availability. Time will tell if this is true.

Best to all,

Greg

 

[tomandrobin]

added - I never knew that week 52 owners get week Week 53 as a bonus week every 7 years - did anyone else know this? I always thought that SVO gets week 53. Do they pay MFs for the bonus week?

Nope.....New to me....But I will never own a week 52 either.

 

[jerseygirl]

I think it's only certain (older - pre-SVN) resorts where week 52 owners get week 53. I don't have legal docs for all my weeks, but for the ones I do have, I'm pretty sure they state that Starwood gets week 53.

 

[jarta]

"3 Reservations made using Banked StarOptions are based on availability of StarOptions banked by other SVN Members."

I read this Rule 3 to say that the only rental pool weeks for banked StarOption reservations will be the weeks that are "freed up" by the owners of those weeks ("other SVN Members") banking the StarOptions for the weeks. Just have to see how it works in reality. ... eom

 

[SDKath]

Sorry if I missed this somewhere but if you bank SOs and then want to make a ressie 12 months out at a resort you own at, could those SOs be used to make the ressie?

Here is an example:

WMH 148,100 SOs banked from 2011 to 2012/13 use
Call in 2012 and want to book in 2013 using these banked SOs, let's say out 11 months.

Can I do this? Or do the banked options lose the "home advantage"?

Thanks, Katherine

 

[alwysonvac]

Banking StarOptions®

#3. Reservations made using Banked StarOptions are based on availability of StarOptions banked by other SVN Members.

Okay, I'm stuck on this Rule.
Maybe because I'm still trying to learn about Marriotts DC Points two buckets of inventory, but does this mean there will be two pools (buckets) of StarOptions?

I've been thinking about that same rule. Maybe I'm over thinking too

I've been wondering why they included such wording and the impact.
It sounds like availability will be determined based on the number of StarOptions(SOs) banked in the same year you want to make your reservations.

Here's the scenario....

In 2011, the Elite members that can bank their 2011 usage, bank a total of 500,000 SOs for use in 2012 and 2013.

In 2012, banking opens up for all SVN members. More members jump on the band wagon and say we have 2,000,000 SOs banked in 2012 for use in 2013 & 2014.

The Elite members who previous banked their 2011 will have no problems using their banked SOs in 2012 because the # of SOs banked in 2012 exceeds the number of SOs banked in the previous year.

Hmmm.... but what happens to the extra 1,500,000 StarOptions? Shouldn't this somehow get credited into the 2013/2014 bucket (Starwood could use the extra SOs for cash rentals, promotional stays, etc and then credit back the usage to the SVN members in 2013) ?

And what happens during the years when the # of banked SOs in the current year doesn't exceed the number of SOs banked from the previous year.

For example, let's say in 2013, what happens if only 750,000 SOs are banked for use in 2014 & 2015. Will no one be able to make reservations in 2013 using banked SOs once the 750,000 SOs banked in 2013 is used?

I hope this is not the intent

 

[pathways25]

Sorry if I missed this somewhere but if you bank SOs and then want to make a ressie 12 months out at a resort you own at, could those SOs be used to make the ressie?

Here is an example:

WMH 148,100 SOs banked from 2011 to 2012/13 use
Call in 2012 and want to book in 2013 using these banked SOs, let's say out 11 months.

Can I do this? Or do the banked options lose the "home advantage"?

Thanks, Katherine

I believe the rule states that banked SO's can only be used within the StarOption booking window, thus 8 months or less before check-in, so no home resort bookings.

 

[GregT]

Banking StarOptions®
3 Reservations made using Banked StarOptions are based on availability of StarOptions banked by other SVN Members.

Wyndham has similar language in their book regarding limitations on the use of their Pooled Points, and yet there is no practical disadvantage. Pooled Points are as effective as current Usage Year Points, with the exception of home resort reservations at 12 months out.

I also believe the calendar doesn't support this risk of limiting use of banked StarOptions until a week is freed up -- ie if I have until June 30, 2013 to bank my 2013 StarOptions -- I've negated half the year for someone to use their banked 2012 StarOptions (and I've negated the entire 2013 Platinum Period). We will see.....fun stuff, these timeshares.....we'll know more next year......

Best,

Greg

 

[lorenmd]

well if july comes around in 2013 and i don't think i see a possibility of using my SO i can lose them or bank them, or do the II thing which never seems to work out for me and i do have some resorts that don't have SO that i put in II so i don't need any more of those. for people like me it is a win win situation as i am looking at probably losing my 80k SO for this year if i can't think of someplace to go. i would love to be able to bank this year. instead i will maybe take a vacation that i wouldn't otherwise take and go someplace i don't necessarily want to go just to use them. this is great news.

 

[LisaRex]

for people like me it is a win win situation as i am looking at probably losing my 80k SO for this year if i can't think of someplace to go. i would love to be able to bank this year.

I assume you're 4 or 5* because only they can bank SOs this year.

 

[jarta]

lorenmd, ... You are correct. It is a winning situation. No matter how useful (and we will probably argue about it on TUG ad nauseum), the ability to bank StarOptions will provide some opportunity of flexibility to SVN Elites that was not there before.

Now, 5 Star Elites can bank StarOptions for free or, until October 1 of each year, convert StarOptions to SPG Starpoints.

Lesser benefit for 3 Star and 4 Star Elites. They will have the added StarOption banking option - for a fee.

So, it has to be a win situation for them. How much or how useful a win? We'll just have to wait and see. ... eom

 

[LisaRex]

Banking gives folks who own silver season and/or VOIs at the less expensive resorts a chance to skip a year to accumulate sufficient points to book platinum season and/or more bedrooms in the resorts that they couldn't get in before. So, I can see that in a few years there will be even more demand for places like WSJ, HRA, and Hawaii and even more II deposits for the less expensive resorts.

 

[work2travel]

Without a doubt, the new SO banking benefit for mandatory resort owners will also diminish availability of Starwood resorts on II. A negative impact for voluntary non-developer purchases.

 

[Politico]

Banking Deadline

A couple posts in this thread have referenced a banking deadline of July 1st each use year. I did not see this deadline in the terms or FAQs. Is there a deadline to bank each yer or is it simply Dec. 31st of each use year?